Property slump hits farm land
The property slump in Galway has now extended to agricultural land — it has been revealed that two holdings which came under the hammer did not even attract one bid.
And it has been stated that the ‘heat has gone out’ of agricultural land sales across County Galway over the past six months.
Experts say that potential purchasers have become very cautious in view of what is happening in the housing sector. Rising interest rates combined with a growing reluctance on the part of financial institutions to approve substantial loans have been attributed to the slow down in agricultural land sales.
Twenty two acres of land came up for auction in the Menlough area recently and despite the fact that a reasonable crowd attended, there wasn’t a single bid for the property.
Tuam based auctioneer, Martin Tyrrell, who is one of the leading sellers of agricultural land in the West of Ireland, admitted that the market had slowed considerably.
http://www.galwaynews.ie/1120-property-slump-hits-farm-land
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